Poverty Reduction Is An Urgent Priority
On the positive side, the archbishop noted, the crisis has “given rise to unprecedented international political cooperation, evident in the three successive high-level G-20 meetings in Washington, London, and Pittsburgh during 2009.” These meetings “were able to reach agreement on emergency measures to reignite the world economy, including fiscal and monetary stimulus packages that have prevented a global catastrophe,” he affirmed. Nevertheless, Archbishop Migliore added, “the stabilization of some economies, or the recovery of others, does not mean that the crisis is over.” “Indeed, the whole world economy, where countries are highly interdependent, will never be able to function smoothly if the conditions that generated the crisis persist, especially when fundamental inequalities in income and wealth among individuals and between nations continue,” he asserted. Thus, the Holy See representative emphasized the view “that we cannot wait for a definitive and permanent recovery of the global economy to take action.” He explained that “a significant reason is that the reactivation of the economies of the world’s poorest people will surely help guarantee a universal and sustainable recovery.” And added: “But the most important reason is the moral imperative: not to leave a whole generation, nearly a fifth of the world’s population, in extreme poverty.” He underlined the “urgent need to reform, strengthen and modernize the whole funding system for developing countries as well as U.N. programs, including the specialized agencies and regional organizations, making them more efficient, transparent, and well coordinated, both internationally and locally.” “In the same vein,” the archbishop added, “the crisis has highlighted the urgent need to proceed with the reform of the International Monetary Fund and World Bank, whose structures and procedures must reflect the realities of today’s world and no longer those of the post World War II period.” Archbishop Migliore concluded: “We should not forget that the same world that could find, within a few weeks, trillions of dollars to rescue banks and financial investment institutions, has not yet managed to find 1% of that amount for the needs of the hungry.”